Study On The Legal Issues On The Risk Isolation System Of Patent Asset Securitization

The combination of the financial innovation tool and the intellectual propertycreated the patent asset securitization. It’s background mainly has two points. The firstis the asset securitization, which is the most important financial innovation tool in thenearly thirty years. The innovation of the asset securitization is that it realizes thechange of the financing ways for the credit guarantee to assets as the basis ofsecurities issuance. The second is with the coming of the knowledge economy time,people gradually realize the intellectual property as a kind of intangible assets plays apositive role in promoting social technology progress and economic development.The reason for these two points combines to create the patent asset securitization isthat the patent achievements conversion is very low in many countries, especially inour country, and the shortcomings of the traditional patent financing ways make thehi-tech enterprises can not use their patents for financing. The advantage of the patentasset securitization, decided that it is an effective way to solve this problem.At present our country’s practice of the patent asset securitization is in theexploration stage. The lack and obstacles of the current law is the important reason forrestricts the development of patent asset securitization. Study on the legal problems ofthe patent asset securitization is the most effective means to accelerate thedevelopment. The patent asset securitization has a complex transaction structures, thepaper selects the risk isolation system as the standpoint. Specifically, the paperstudied on the two basic problems of the risk isolation system, which are the assettransferring and the special purpose vehicle (hereinafter referred to as the SPV). In thepart of the asset transferring, the main problems are the choice of patent foundationassets and the definition of true sale. In the part of the SPV, the main problems are thechoice of the SPV organizations form and the realization of the bankruptcy riskisolation. After analyzing the above problems, in the end, the paper based on ourcountry’s current situation on laws and policies of the patent asset securitization,analyzed the problems about the patent asset securitization’s legislation modeselection and the asset transferring and SPV in our country.